Resolutely promote high-quality development and consolidate the sound momentum of progress with stability
The meeting fully affirmed the remarkable achievements made by central enterprises in 2025 and throughout the 14th Five-Year Plan period. Faced with a complex and severe internal and external environment, state-owned assets and central enterprises adhered to the principle of making progress while maintaining stability. From January to November 2025, central enterprises achieved a total added value of 9.5 trillion yuan, representing a year-on-year increase of 1.4%. Meanwhile, their cash collection ratio of operating income, operating income profit margin and annualized return on net assets all stayed at a reasonable level.
The meeting stressed that securing sound business performance and improving quality and efficiency with utmost efforts shall be the top priority for 2026. We will closely monitor the macroeconomic situation, conduct in-depth analysis on the structural and trending changes in industrial operation, strengthen rolling monitoring, and enhance the responsiveness of all links in production, supply, storage and sales. Efforts will be made to explore the application of various big data models and industrial models to accurately capture potential market demand, innovate and upgrade the quality of products and services, foster and expand new consumption scenarios in cultural tourism, digital economy and health sectors, and strive to create new growth drivers.
Strengthening China’s strategic sci-tech strength and cultivating new quality productive forces driven by innovation
In terms of research and development, central enterprises invested a total of 890.16 billion yuan in R&D from January to November 2025, with the R&D investment intensity reaching 2.62%. A total of more than 100 innovation entities have newly joined 23 innovation consortia to tackle key technological problems, and over 1,000 cooperation projects have been advanced with high quality. The project to scale up the application of scientific and technological achievements has been further promoted, with more than 2,300 indigenous scientific and technological achievements applied in the first batch of projects.
In addition, remarkable progress has been made in the development of national-level R&D platforms and national key laboratories, and fruitful outcomes have been achieved in building the innovation hubs for original technologies. A number of landmark breakthroughs have been accomplished in such fields as nuclear fusion, quantum communication and underlying platforms for industrial software.
The meeting specified that the focus of 2026 shall be boosting innovation and commercialization through integration. Concrete measures include strengthening basic research and tackling key core technologies; improving the market-oriented scientific research organization and management system to enhance the efficiency of overall allocation of innovation resources and foster leading sci-tech enterprises; accelerating the commercialization and application of major scientific and technological achievements, further advancing the application of such achievements and strengthening the supply-demand matching and commercialization of achievements under the industrial chain synergy initiative, and fully stimulating the vitality of talents for innovation and creation.
Optimizing industrial layout and restructuring to accelerate the development of a modern industrial system
The meeting noted that in 2025, central enterprises advanced the renewal and upgrading of industries in light of their own realities, and the development of a modern industrial system was accelerated and upgraded with improved quality. The deployment of emerging industries has yielded notable results, and the transformation of traditional industries has been intensified. The AI+ Initiative has been expanded in coverage and scale, with nearly 1,000 application scenarios built focusing on 16 key sectors including energy, manufacturing and communications, and four industrial data industry consortia established. New progress has been made in the green and low-carbon transition, as 39 projects were included in the second batch of the national list of demonstration projects for advanced green and low-carbon technologies.
The meeting clarified that central enterprises shall pursue the simultaneous transformation of traditional industries and development of emerging industries in 2026. We will further implement the Industrial Renewal and Emerging Industry Development Initiatives, give prominence to the guidance of projects and application scenarios, and continue to boost the development of key sectors including new energy, new energy vehicles, new materials, aerospace, low-altitude economy, quantum science and technology, and 6G technology, while increasing the efforts to select and nurture enterprises in emerging industries. We will further advance the AI+ Initiative and launch a new round of digital transformation for central enterprises, strengthen the tiered cultivation of smart factories, continue to promote technological upgrading and large-scale equipment renewal, deepen the energy conservation and carbon reduction transformation in key industries, and effectively accelerate the pace of industrial transformation.
Deepening reform and opening-up to continuously stimulate the vitality and momentum of enterprise development
In 2025, solid progress was made in the further advancement of the reform of state-owned enterprises, with the completion of major tasks. Centering on the development of core businesses and optimizing industrial layout and restructuring, central enterprises have further consolidated their presence in sectors related to national security, the lifeline of the national economy and people’s wellbeing, and steadily advanced the strategic and professional restructuring and integration. Corporate governance has become more standardized and efficient, and the regulation of state-owned assets has been enhanced with greater scientificity and efficacy.
As we embark on a new journey of the 15th Five-Year Plan period, the meeting required that we should seize the opportunity to deepen reform and boost vitality. We will further improve the modern enterprise system with Chinese characteristics, integrate the Party’s leadership into all aspects of corporate governance, and optimize the enterprise management and operation system. We will deepen the reform of the three core personnel systems (employment, remuneration and performance appraisal), continuously raise the level of tenure-based contractual management for the senior management team, improve the market-oriented employment model, and strengthen salary management. We will accelerate the transformation of organizational forms and management processes, continue to advance flat and intelligent restructuring, and tighten the management of corporate tiers and the number of subsidiaries. We will upgrade the digital and intelligent financial management capacity, further advance the value creation initiative, and increase the efforts to cultivate professional leading enterprises.